IRA-International Journal of Education & QUARTERLY

Multidisciplinary Studies
ISSN 2455–2526; Vol.16, Issue 01 (Jan.-Mar. 2020)
Pg. no. 15-23.
Institute of Research Advances
https://research-advances.org/index.php/IJEMS

Students' Level of Financial Support

Satisfaction Towards Their Daily
Allowance
Moneva, Jerald¹, Tuñacao, Marijune²
1,2
Jagobiao National High School, Cebu City, Philippines.

Type of Work: Peer-Reviewed

DOI: http://dx.doi.org/10.21013/jems.v16.n1.p4

How to cite this paper:

Moneva, J., Tuñacao, M. (2020). Students' Level of Financial Support Satisfaction Towards Their Daily
Allowance. IRA International Journal of Education and Multidisciplinary Studies (ISSN 2455-2526), 16(1),
15-23. doi: http://dx.doi.org/10.21013/jems.v16.n1.p4

© Institute of Research Advances.

This work is licensed under a Creative Commons Attribution-Non Commercial 4.0
International License subject to a proper citation to the publication source of the work.

Disclaimer: The scholarly papers as reviewed and published by the Institute of Research
Advances (IRA) are the views and opinions of their respective authors and are not the
views or opinions of the IRA. The IRA disclaims of any harm or loss caused due to the
published content to any party.

Institute of Research Advances is an institutional publisher member of Publishers

International Linking Association Inc. (PILA-CrossRef), USA. The institute is an institutional
signatory to the Budapest Open Access Initiative, Hungary advocating the open-access of
scientific and scholarly knowledge. The Institute is a registered content provider under
Open Access Initiative Protocol for Metadata Harvesting (OAI-PMH).

The journal is indexed & included in WorldCat Discovery Service (USA), CrossRef Metadata
Search (USA), WorldCat (USA), OCLC (USA), Open J-Gate (India), EZB (Germany) Scilit
(Switzerland), Airiti (China), Bielefeld Academic Search Engine (BASE) of Bielefeld University,
Germany, PKP Index of Simon Fraser University, Canada.

15
 IRA-International Journal of Education & Multidisciplinary Studies

ABSTRACT
The purpose of this study is to determine the association on the students' level of financial support
satisfaction and their daily allowance. The study used a quantitative approach-descriptive
correlation using a self-made questionnaire that was answered by the senior high school student.
The questionnaire mainly indicates the different ranges of school allowances and factors that
influence the students' satisfaction. The weighted mean was used for computing the mean of the
level of financial support satisfaction that students feel towards their daily allowance. It used the
chi-square (x²) showing a significant association between students' financial support satisfaction
and school allowance. Students' financial support satisfaction depends on the level of their daily
allowance. Most of the students have the ranges forty-one to fifty pesos as their daily allowance.
With this, students are satisfied with their daily school allowances. The students seem to have a
peaceful mind in their financial life because of meeting financial obligations with fewer debts and
liabilities. A student who manages well a financial resource leads to lesser debts and liabilities
which tend to increase the level of financial support satisfaction. Furthermore, a financial support
satisfied student is more confident, tolerant and less prone to stress for having improved
individual well-being. In order to enhance budgeting skills and increased level of financial
support satisfaction, this study suggests exploring more on the students who are making debts at
an early age.

Keywords: Daily allowance, Financial support, Satisfaction, Debts and Liabilities

Introduction
Satisfaction is a feeling of being happy or pleased after being fulfilled by something like a need or a desire.
On one hand, financial support satisfaction refers to the feeling of being satisfied by the financial support
given by a certain person that supports someone financially. Each individual has different levels of
satisfaction towards financial support depending on daily wants and needs. On the contrary, a student has a
lot of basic needs in terms of food, things, and such. In order to fulfill every wants and need, students are
given daily allowance mostly by parents or guardians. Daily allowance, relatively, refers to the amount of
money or financial support that will serve as the pocket money for a day. Most students receive their
allowance daily for everyday consumptions and to be used for daily needs in school. Some are given an
allowance that is already good for one week or for a month and must budget wisely. Moreover, students'
needs and wants in school rises as they move along with the grade levels. As a result, students get more
dependent or reliant on their daily allowance. Because of this, students' satisfaction with their daily
allowance is challenged with the arising daily needs, that is why it is very essential to know whether each
student is satisfied with their daily allowance or not.

In economic and psychological studies, financial support satisfaction is an essential variable[1]. Student, in
terms of the arising needs, they have to be financially satisfied in order to achieve consumer life
satisfaction and well-being. On the contrary, the well-being of a person is defined as the extent of that
person's satisfaction with his existing status in terms of being healthy, happy, and free from debts and
liabilities. In addition, the family is a very important source of support for all household members. A family
is considered as the smallest component in the society but it is the long-term network among people who
interact daily, caters to the needs of each member, and assures survival. This study explains that family is
what each individual's source of allowance or financial support. The family may be the smallest component
in the society, but it is the one that satisfies each need and fulfills each wants to be able to survive. Various
studies have shown that financial behaviors and financial knowledge are related to financial satisfaction[3].
Every individual's well-being has a strong connection with financial satisfaction through experiences that
enables the variables to influence each other.

This study seeks for the relationship between the levels of satisfaction towards their daily allowance of the
Senior High School students of Jagobiao National High School.

Statement of the Problem

The study intends to determine the association of financial support satisfaction and the students’ daily
allowance. Specifically, the study seeks to know about the daily allowance of the students, the extent to

16
 IRA-International Journal of Education & Multidisciplinary Studies

which students feel satisfied in their daily allowance and the association between students’ daily allowance
and financial support satisfaction.

Hypothesis
Null: There is no association between financial support satisfaction and students' daily allowance.
Alternative: There is an association between financial support satisfaction and students' daily allowance.

Related Review of Literature

In this chapter, different views of authors' findings from previous studies and a variety of ideas from other
research writers about students' financial support satisfaction towards daily allowance. These research
findings were carefully chosen as to its significant contribution to the purpose of this study and that gives
the researcher a wider understanding, perceptions, and knowledge regarding this current inquiry.
Financial support satisfaction is considered as an essential component of every individual's consumer life
satisfaction and well-being. Dual effects on positive behavior were emphasized in order to enhance
personal financial satisfaction[1]. The study stated that financial satisfaction increases when an individual
has improved financial standing and mitigated financial stress. There are complex factors that indicate the
nature and importance of financial satisfaction, namely: financial behavior, financial strain, risk attitude,
and financial sophistication. The highest positive and direct effect on financial satisfaction is an individual's
financial behavior [3]. The level of satisfaction certainly differs between males and females due to the
socioeconomic setting of a country [4]. In terms of age, those who are in college are less satisfied than
those who are in high school. The study further revealed that undergraduate students have different levels
of financial satisfaction with postgraduate students [5]. Furthermore, older individuals tend to experience a
higher level of financial satisfaction due to decreased liabilities and increased financial assets [6].

Household income positively and directly influences financial satisfaction and has an indirect impact on an
individual's subjective economic well-being [7]. This study found a significant predictor of subjective
economic well-being, and that is the interaction between money management and household income. The
result shows that people who are engaged and good in money management feel more satisfied than those
who are not. On one hand, parents with higher incomes tend to transfer more financial resources to their
children that help increase their level of financial satisfaction than those parents earning low income [8].
When predicting financial satisfaction, household income is the most influential factor. One of the major
components for a quality life is financial satisfaction. This study assumes that improved financial
satisfaction is achieved through a life lacking in financial problems. With these, parents, who lack financial
problem, help boost their children’s financial support satisfaction [2].

On the one hand, there are some attitudes that can affect financial satisfaction. Risk tolerance attitude is an
important factor that determines an individual's risk tolerance behavior which tends to affect its level of
financial satisfaction [9]. This study shows that risk tolerance behavior affects financial satisfaction
positively in relation to an individual's financial well-being. Some results show that teaching quality
followed by teaching attitude influences the level of financial satisfaction [10]. Another study stated that
the association of financial education and perceived financial capability contributes to financial satisfaction.
This study implies that financial well-being and satisfaction improves by self-efficacy in which was
enhanced by financial education [11].

On the other hand, allowance or financial support is given to children to take advantage of decision-
making, responsibility, and improve budgeting skills. Consumptive behavior and negative impacts can be
avoided by managing pocket money [12]. There is a number of factors that can influence financial
management [13]. These factors are called, financial knowledge management factors, social-cultural
factors, financial desire and motivation factors, policy factors, individual status factors, individual
attitudinal factors, individual traits, peer environmental factors, family relationship factors, and family
background factors. These were found out to have a significant association with allowance management.
Particularly, these factors, directly and indirectly, affect the management of students on their pocket money
that makes it difficult to do.

Different perceptions about financial literacy in different age segments are indicated among the younger
individuals who have lower actual perceived financial literacy than the older ones [14]. Moreover, high

17
 IRA-International Journal of Education & Multidisciplinary Studies

school graduate students had the highest level of debts and are known to be not knowledgeable about
everyday financial matters. Although there is an association existing between personal financial knowledge
and college students' financial behavior but only those individuals with a higher level of financial
knowledge has lower debt levels [15][16].

In order to manage financial resources well, the correlation of sources on financial knowledge and practices
or behaviors was stated to be significant [17][18]. The study stated that in order to increase financial
knowledge is to gain and learn from experiences and from others, family and friends as the second source
of learning followed by the media [19]. In connection, a counseling strategy was discussed as part of
financial education and a source of learning [20]. Some may incur with illegal vices due to uncontrolled
pocket money and lack of perceived behavior and counseling [21].

Another way for better financial management is financial literacy and emergency saving [22]. A significant
effect on an individual’s emergency savings and their level of financial knowledge emerged to be
significant. The result shows that households with a lower level of financial literacy towards emergency
saving tend to increase liabilities on health adversities. A study named some economically self-destructive
aspects of behavior. These are overconfidence which refers to investing without the presence of knowledge,
an overreaction that refers to an individual's too much excitement in response to new information,
selflessness which means providing financial help to others, and loss of aversion that is implied to as exit
from financial inconsistency [23].

Students' level of financial satisfaction towards their daily allowance or pocket money is influenced in so
many ways. Every student must have high levels of financial knowledge or literacy to be able to increase
financial support satisfaction. Socioeconomic factors and demographic factors may directly or indirectly
influence students' financial satisfaction positively or negatively, but, financial management will still be
achieved through perceived behavior, gained and learned experiences, counseling, and good budgeting
skills. A study stated that students growing up in poor families tend to face more challenges in financial
management than those who are not but are financially satisfied [24]. In contrast, there are students who
have parents with higher household incomes but are less financially satisfied [25]. All in all, parents' or
guardians' income may also affect or influence students' financial support satisfaction but financial literacy
or knowledge and financial management directly affect the students' financial support satisfaction.

Methodology

Design
The quantitative approach- descriptive correlation is utilized by the researcher to determine the relationship
between the student's financial support satisfaction towards their daily school allowance.

Locale
The study will be conducted at Jagobiao National High School, specifically in Senior High School
Department, for it is compatible with the researcher. The Senior High School Department has two buildings
in which the first building is a three-story building consisting the Technical-Vocational and Livelihood-
Drafting 11 (TVL-Drafting 11), Humanities and Social Sciences 11 (HUMSS 11), Accountancy, Business,
and Management 11 (ABM 11), and General Academic Strand 11 (GAS 11). The second building, on one
hand, consists of ABM 12, GAS 12, HUMSS 12, Science, Technology, Engineering, and Mathematics 11
(STEM 11), and is a four-story building.

Respondents
The respondents of this research study are Grade 11, and Grade 12 Senior High School students of each
strand (GAS, HUMSS, ABM, STEM, TVL - Drafting). This study will use a complete enumeration since it
needs all the Senior High School students to be the respondents. There are 242 respondents needed in the
study.

Instrument
The researcher will use a checklist scaling questionnaire that is composed of two parts: (1) the level of
financial support satisfaction of the students towards their daily allowance, and (2) the range of student's

18
 IRA-International Journal of Education & Multidisciplinary Studies

daily school allowance. The checklist scaling questionnaire will be based on the researcher's perception and
statement of the problem in this study. The respondents will rate by the scale of 1-3 whereas (1) for Not
Satisfied, (2) for Fairly Satisfied, and (3) for Satisfied.

Data Gathering Procedure

The researcher will submit a transmittal letter to the head of the school to ask for approval for the survey to
be conducted in Jagobiao National High School- Senior High School Department. Then, permissions will
be asked by the researcher to the respondents and the class advisers if necessary. Afterward, checklist
scaling questionnaires will be distributed and will allow the respondents to answer them freely. After
answering, the questionnaires will be collected and analyzed by the researcher. Lastly, the researcher will
bid goodbye and express its gratitude to the respondents.

Statistical Treatment
This study will be utilizing firstly, the weighted mean which is used for computing the mean of the level of
financial support satisfaction that students feel towards their daily allowance and this includes the
percentages. Lastly, the study will mainly use the chi-square (x²)and Kendall's Tau-C.

PRESENTATION OF DATA, ANALYSIS, AND INTERPRETATION OF DATA

This chapter provides the gathered data and the researcher’s analysis and interpretation of the results of the
distributed surveys. The data were presented in a clearly and concisely in tables.

TABLE 1: SCHOOL ALLOWANCE

Ranges of School Allowances Frequency of Students Percentage
10-20 pesos 35 14.46%

21-30 pesos 35 14.46%

31-40 pesos 19 7.85%
41-50 pesos 50 20.66%
51-60 pesos 45 18.60%
61-70 pesos 10 4.13%
71-80 pesos 18 7.44%
81-90 pesos 25 10.33%
91 and above pesos 5 2.07%
TOTAL 242 100%

This tally shows the number of frequency of students in each range of school allowances. The ranges of
school allowance with the highest frequency are 41-50 pesos followed by 51-60 pesos, 10-20 pesos, and
21-30 pesos. While the ranges of school allowance with the lowest frequency are 91 and above pesos,
followed by 61-70 pesos, and 71-80 pesos. Allowance refers to an amount of money given by the parents or
guardians in a certain time period to support students' financial needs[13]. Pocket money or daily
allowances were stated to be essential among students [26]. Giving students' freedom of spending,
managing, or saving their daily allowances tend to mold their financial ability [12].

19
 IRA-International Journal of Education & Multidisciplinary Studies

SCHOOLALLOWANCE

Frequency Percent
VERY LOW 34 14.0
LOW 52 21.5
AVERAGE 93 38.4
HIGH 29 12.0
VERY HIGH 34 14.0
Total 242 100.0

The table above shows the frequency of students' level of school allowances. The level with the highest
number of students is the average level consists of 93 students which are 38.4% while the level with the
lowest number is high which is consists of 29 students which is equal to 12%. This shows that most of the
students' school allowances are at an average level. Subjective economic well-being has a significant
association with the household income which affects an individual's financial support satisfaction [8].
Students who can manage their financial resources well tend to enhance financial support satisfaction [13].

TABLE 2:FINANCIAL SUPPORT SATISFACTION

INDICATORS MEAN INTERPRETATION
How satisfied am I with the peace of mind I have in my financial Satisfied
life 1.86
How satisfied am I with my ability to meet my financial obligations 1.86 Satisfied
How satisfied am I with the support or the amount of financial Satisfied
support my parents/guardians provides me 2.17
How satisfied am I with my attitude towards spending 1.77 Satisfied
How satisfied am I with my attitude towards how I carry my debts 1.83 Satisfied
How satisfied am I with my ability to buy for myself and my loved Satisfied
ones 1.89
How satisfied am I with the amount of money that I save from the Satisfied
given financial support 2.02
TOTAL 1.91 Satisfied
Legend: N=242; 1.00-1.67(Not Satisfied); 1.68-2.33(Fairly Satisfied); 2.34-3.00(Satisfied)

The table above shows the overall weighted mean of 1.91 which signifies that the students are overall
satisfied in their school allowance. The statements support or the amount of financial support my
parents/guardians provide me the amount of money that I save from the given financial support, and the
amount of extra money the I am able to buy for myself and my loved ones are the indicators that have a
weighted mean of 2.17, 2.02, and 1.89, respectively, which signifies a satisfied level on students level of
financial support satisfaction. While the statements , my spending habits, the level of debt I carry, the peace
of mind I have in my financial life, and my ability to meet my financial obligations are the indicators with
lower weighted mean that is 1.77, 1.83, 1.86, and 1.86, respectively, which signifies still as satisfied level
on students level of financial support satisfaction. An individual's consumer life satisfaction and well-being
is achieved by considering financial satisfaction as an essential contributor [1]. Satisfaction towards life or
personal satisfaction can be enhanced by being satisfied with one's financial status [3]. The maturity stage
of an individual tends to increase financial satisfaction [6].

20
 IRA-International Journal of Education & Multidisciplinary Studies

FINANCIALSUPPORTSATISFACTION
Frequency Percent
Not Satisfied 14 5.8
Fairly Satisfied 202 83.5
Satisfied 26 10.7
Total 242 100.0

The table above shows the frequency of the student's level of financial support satisfaction. The level with
the highest number of responses is fairly satisfied with 202 responses which are equivalent to 83.5% while
the level with the lowest number of responses is not satisfied with 14 number of responses which is
equivalent to 5.8%. This shows that most students are fairly satisfied with their school allowance. Financial
support satisfaction improves when the parent or guardian of a student encounters less financial resource
problems [3]. The financial literacy of an individual tends to affect the level of financial support
satisfaction [12].
Table 3

Value df Asymp. Sig. (2-sided)

Pearson Chi-Square
1.966E2a 140 .001

Likelihood Ratio
177.373 140 .018

Linear-by-Linear Association
2.776 1 .096

N of Valid Cases
242
The table above shows that the p-value for the level of financial support satisfaction, x²=0.001, which is
lesser than the significant alpha 0.05, hence, this rejects the null hypothesis. To discuss, there is a
significant association between the students'’ level of financial support satisfaction and the amount of their
daily school allowances. The financial satisfaction of each student is influenced by the household income
of the parents [7]. Positive financial satisfaction is influenced by positive financial behavior and knowledge
[2].
Table 4

Value Asymp.Std.Errora Approx.Tb Approx.Sig.

Ordinal by Ordinal Kendall's tau-c .087 .047 1.856 .063
N of Valid Cases 242
a. Not assuming the null hypothesis.
b.Using the asymptotic standard error assuming the null hypothesis.

The table above shows that there is no significant association between the amount of student's daily
allowance to their level of financial support satisfaction. However, the contribution of financial education

21
 IRA-International Journal of Education & Multidisciplinary Studies

and financial capability affects an individual's financial satisfaction[11]. Also, students must improve their
financial literacy by gaining experiences and learn from people around them [20].

Findings
In this study, it was found out that most of the students have the ranges forty-one to fifty pesos as their
daily allowance followed by fifty-one to sixty pesos then, ten to twenty pesos and, twenty-one to thirty
pesos.

Overall, students are satisfied with their daily school allowances. The students seem to have a peaceful
mind in their financial life because of meeting financial obligations with less level of debt. They were also
able to buy something for their loved ones using the money that they have and save remaining money for
future use. This study reveals a significant association between the students' level of financial support
satisfaction and amount of students’ school allowances.

Conclusion
Satisfaction was proven to be not affected by certain demographic factors that influence the financial
support of students. This simply implies that, whether a student manages well a financial resource or not,
even their attitude towards spending and how high or low their daily allowance can be, the level of
financial support satisfaction cannot be influenced. However, a financial support satisfied student is more
confident, tolerant and less prone to stress which contributes to having improved individual well-being.

References

[1] Woodyard, A. and Robb, C. (2016). Consideration of financial satisfaction: What consumers
know, feel, and do from a financial perspective. Journal of Financial Therapy, 7(2). Retrieved
from: http://newprairiepress.org/cgi/viewcontent.cgi?article=1102&context=jft
[2] Coskuner, S. (2016). Understanding factors affecting financial satisfaction: The influence of
financial behavior, financial knowledge, and demographics. Imperial Journal of Interdisciplinary
Research, 2(5). Retrieved from: https://www.semanticscholar.org/paper/Understanding-Factors-
Affecting-Financial-The-of Co%C5%9Fkuner/c190b1455efa82cde475e8d4d41e083811b7e0fd
[3] Falahati, L. Sabri, F., and Paim, L. (2012). Assessment of a model of financial satisfaction
predictors: Examining the mediate effect of financial behavior and financial strain. World Applied
Sciences Journal, 20(2). DOI: 10.5829/idosi.wasj.2012.20.02.1832
[4] Butt, B. and Rehman, K. (2010). A study examining students' satisfaction in higher education.
Procedia Social and Behavioral Sciences, 2(2010)5446-5450. DOI: 10.1016/j.sbspro.2010.03.888
[5] Weerasinghe, S. and Fernando, R. (2017). Students' satisfaction in the higher education literature
review. American Journal of Educational Research. DOI: 10.12691/education-5-5-9
[6] Plagnol, A. (2011). Financial satisfaction over the life course: The influence of assets and
liabilities. Journal of Economic Psychology, 32(2011) 45-64. Retrieved from:
www.elsevier.com/locate/joep, DOI:10.1016/j.joep.2010.10.006
[7] Gasiorowska, A. (2015). The impact of money attitudes on the relationship between income and
financial satisfaction. Polish Psychological Bulletin, 46(2). DOI: 10.1515/ppb-2015-0026.
[8] Chuan, C. (2014). Financial satisfaction and intergenerational resource transfers among urban
older Malaysians. American Journal of Scientific Research (43), 32-45. Retrieved
from:https://www.researchgate.net/publication/261196798
[9] Hanna, S. and Jeong, W. (2004). Risk tolerance and financial satisfaction. International Journal of
Human Ecology, 5(1). Retrieved from: https://www.researchgate.net/publication/264016913
[10] Sapri, M., Kaka, A. and Finch, E. (2009). Factors that influence students' level of satisfaction with
regards to higher educational facilities services. Malaysian Journal of Real Estate, 4(1). Retrieved
from: https://core.ac.uk/download/pdf/11796228.pdf
[11] Xiao, J. and Porto, N. (2017). Financial education and financial satisfaction: Financial literacy
behavior, and capability as mediators. International Journal of Bank Marketing.DOI: 10.1108.
Retrieved from: https://www.researchgate.net/publication/308959543
[12] Vhalery, R. and Aimon, H. (2018). The management of student's pocket money. International
Journal of Scientific and Research Publications, 8(1).Retrieved from:
https://www.researchgate.net/publocation/328271030

22
 IRA-International Journal of Education & Multidisciplinary Studies

[13] Vhalery, R. and Irvan, M. (2018). Factors that influence allowance management. International
Journal of Scientific Engineering and Science, 2(11), 39-44. Retrieved from:
https://www.researchgate.net/publication/329359151
[14] Allgood, S. and Walstad, W. (2013). Financial literacy and credit card behaviors: A cross-
sectional analysis by age. Numeracy, 6(2).Retrieved from:
http://scholarcommons.usf.edu/numeracy/vol6/iss2/art3
[15] Robb, C. and Sharpe, D. (2009). Effect of personal financial knowledge on college students' credit
card behavior.Journal of Financial Counseling and planning, 20(1), 25-43. Retrieved from:
https://files.eric.ed.gov/fulltext/EJ859561.pdf
[16] Manton, E., English, D., Avard, S. and Walker, J. (2006). What college freshmen admit to not
knowing about personal finance. Journal College Teaching and Learning, 3(1), 43-51. Retrieved
from:
https://www.researchgate.net/publication/298796093_What_College_Freshmen_Admit_To_Not_
Knowing_About_Personal_Finance
[17] Beverly, S. (2003). Household financial management: Connection between knowledge and
behavior. Federal Reserve Bulletin. Retrieved from:
https://www.researchgate.net/publication/5039164
[18] Robb, C. and Woodyard, A. (2011). Financial knowledge and best practice behavior. Journal of
Financial Counselling and Planning, 22(1). Retrieved from:
https://www.researchgate.net/publication/256019663
[19] Hogarth, J. and Hilgert, M. (2002). Financial knowledge, experience, and learning preferences:
Preliminary results from a new survey on financial literacy. Consumer Interest Annual, 48(2002).
Retrieved from:https://www.consumerinterests.org/assets/docs/CIA/CIA2002/hogarth-
hilgert_financial%20knowledge.pdf
[20] Collins, J. and O'Rourke, C. (2010). Financial education and counseling. The Journal of Consumer
Affairs, 44(3).Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1529422
[21] Pandayu, A., Murti, B., and Pawito (2017). Effects of personal factors, family support, pocket
money, and peer group, on smoking behavior in adolescents in Surakarta, central java. Journal of
Health Promotion and Behavior, 2(2), 98-111. Retrieved from:
https://doi.org/10.26911/thejhpb.2017.02.02.01
[22] Robb, C. (2014). Financial literacy and emergency saving. Journal of Family and Economic
Issues. DOI: 10.1007/s10834-013-9369-9
[23] Braunstein, S. and Welch, C. (2002). Financial literacy: An overview of the practice, research, and
policy. Federal Reserve Bulletin. Retrieved from:
https://www.federalreserve.gov/pubs/bulletin/2002/1102lead.pdf
[24] Dahl, G. and Lochner, L. (2012). The impact of family income on child achievement: Evidence
from the Earned Income Tax Credit. American Economic Review, 102(5), 1927-1956.
http://dx.doi.org/10.1257
[25] Garrett, S. and James III, R.N. (2013). Financial ratios and perceived household financial
satisfaction. Journal of Financial Therapy, 4(1). Retrieved from:
http://dx.doi.org/10.4148/jft.v4i1.1839
[26] Wolff, F. and Verzat, C. (2008). Pocket money and child effort at school. Economics Bulletin,
9(13), 1-10. Retrieved from:http://economicsbulletin.vanderbilt.edu/2008/volume9/EB-
08I20009A.pdf

23